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Audible soars on Microsoft investment | |
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| Time: 11:02 EST/16:02 GMT | News Source: CNET | Posted By: Robert Stein | ||
|
Thanks Josh! Audible's stock jumped $1.25, or 143 percent, to $2.13 in pre-session trading on the Island ECN electronic trading network. The Wayne, N.J.-based company provides spoken-word audio services for content download or playback on personal computers. Shares of Microsoft slipped 50 cents to $61.75. Under the deal, Microsoft has agreed to increase its stake in the company with a $10 million investment. The software giant previously invested in the company in 1999. The amount of the initial investment was not disclosed. Microsoft's new investment is meant to support Audible's development of spoken-audio content and technology using Microsoft Windows Media technologies. The companies also intend to co-market the new products to consumers and corporate customers. | ||
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